Russia to be forced to choose alternative currencies in case of U.S. sanctions

Photo: Russia to be forced to choose alternative currencies in case of U.S. sanctions / Politics

In the case of the U.S imposing sanctions, Russia will be forced to use other currencies and create a cash- payment system, RIA Novosti reported with reference to the Russian presidential adviser Sergei Glazyev.

"We will have to choose other currencies and create a cash- payment system," he said in an interview with RIA Novosti. "We have excellent trade relations with our partners in the East and the South. We will find a way not only to zero our financial dependence on the U.S., but to overcome these sanctions at a great advantage to ourselves."

Currently, the U.S. Senate is considering sanctions against Russia in connection with the situation in Ukraine. Chairman of the Subcommittee on European Affairs of the Senate Christopher Murphy told media that the Senate may impose sanctions against Russian banks and urged the administration to freeze the assets of Russian public institutions and private investors, as well as impose visa restrictions for Russian citizens.

Mass protests in Ukraine began on November 21, 2013, when the government announced the suspension of the preparation of the Association Agreement with the EU. As a result, President Yanukovych was ousted on February 22. Verkhovna Rada approved the new government which is preparing for early elections.

Several thousand people who participated in the two rallies gathered in front of the Supreme Council of Crimea on the morning of February 26.

In a joint statement, the leaders of Canada, France, Germany, Italy, Japan , Great Britain and US , as well as chairman of the European Council and chairman of the European Commission condemned Russia's position on Ukraine and cancelled preparations for the G-8 summit in Sochi scheduled for June 2014.

Translated by NH
Edited by SM

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